SEC Form 4 · accession 0000814585-16-000045
MBIA INC · MBI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joseph W Brown
Officer — Chief Executive Officer · Director
Period of report
Nov 28, 2016
Accepted (ET)
Nov 29, 2016 · 5:30 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000814585
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Nov 28, 2016 | S | 248,433 | $10.10 | D | 3,486,397 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Shares of MBIA Inc. (the "Company") stock sold in open market transactions pursuant to a trading plan adopted by Mr. Brown on March 9, 2016 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Mr. Brown advised the Company that the shares were sold for tax planning purposes for 2016 to offset capital gains realized by Mr. Brown in connection with the sale in 2016 of non-Company securities as well as to reimburse Mr. Brown for the taxes paid by Mr. Brown in cash, in lieu of by means of net settlement, in connection with vesting of 750,000 shares of restricted stock on December 31, 2015.
- F2Balance reflects adjustment for retirement plan shares.